WEEKLY BUSINESS ROUNDUP - 10th February 2025 - 17th February 2025
February 17, 2025
GCC countries' crude oil production in 2023 ranks first worldwide in output, reserves, exports
As per data issued by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) GCC countries ranked first in global energy indicators and first in crude oil production, crude oil reserves, crude oil exports and natural gas reserves. It is reported GCC countries’ crude oil production in 2023 accounted for about 17 million barrels per day (mbpd), which constituted 23.2% of the total global crude oil production.
Aviation sector contributes USD 4.1trln to global economy
It is reported almost 58% international tourists rely on air travel and the aviation sector contributes approximately USD 4.1 trillion to the global economy – promoting overall socio-economic development. The aviation sector connects global economies, strengthens supplier networks and enables access to destinations.
UAE likely to have 50% electric vehicles by 2050
It is reported there are over 70,000 EVs in the UAE and this figure is likely to reach 100,000 by 2027. UAE aims to ensure electric vehicles (EVs) account for 25% of new car sales by 2035. Further electric vehicles are expected to make up 22.32% of the market by 2029 and is likely to exceed 50% adoption by 2050.
UAE participates in AlUla Conference for Emerging Market Economies
UAE proactively participated in AlUla Conference for Emerging Market Economies – held in Saudi Arabia. The conference was attended by policymakers and economic experts to explore financial as well as economic challenges at both regional and global levels. Discussions primarily revolved around fostering sustainable growth in emerging economies.
UAE announces major visa rule change for Indians
The UAE has expanded its visa-on-arrival program for Indian nationals to include persons with valid visas, residence permits or Green Cards from 6 new countries. Indian citizens holding ordinary passports and valid visas, residence permits, or Green Cards from countries like Singapore, Japan, South Korea, Australia, New Zealand, Canada will be granted visas upon arrival at all UAE entry points.
UAE announces World Governments Summit 2026
The next edition of the World Governments Summit (WGS) will take place from February 3 to 5, 2026 in the UAE. The summit serves the purpose of fostering global partnerships, exchanging invaluable expertise, and pioneering innovative business models that drive global collaboration.
DLD announced 90-day notice required for rent increases
The Dubai Land Department (DLD) revealed landlords are required to notify tenants 90 days before contract expiration for any rent increases, which must be validated by the new Smart Rental Index. It is reported if landlords fail to provide the 90-day notice, increases cannot be implemented regardless of the index findings.
Abu Dhabi announces new rules for UAE businesses without business premises
In a bid to attract investors Abu Dhabi will allow businesses from across the UAE to operate in the capital without flexible expansion options. New regulations now allow firms registered in other emirates of the UAE, and their respective free zones, to open branches within Abu Dhabi without requiring physical premises for the first year.
20% corporate tax on natural resource business, announced in Sharjah
The visionary leadership in Sharjah issued a law on corporate tax for both extractive and non-extractive natural resources in the emirate of Sharjah. The law stipulates companies engaged in extractive activities and those involved in non-extractive natural resources are subject to the tax specified in accordance with the provisions of this new Sharjah law. The law specifies 20% tax will be imposed on extractive companies based on the taxable base, following the mechanisms and schedules defined in agreements made between the Oil Department and the company.